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December 20, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Irvine, Business Loans > Spectrum Bank Irvine Business Loans > Edible Arrangements Loan | ||||
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Pico Rivera, California Bank for SBA Loans
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Spectrum Bank Provides SBA Loan to Buy Edible Arrangements FranchiseNeed a loan to buy an Edible Arrangements franchise? Spectrum Bank has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy an Edible Arrangements franchise? If so, here's a 2007 SBA franchise loan that you should know about. Spectrum Bank was the lender and the entrepreneur was based in Pico Rivera, California. SBA Loan Borrower EDIBLE ARRANGEMENTS SBA Loan Lender SPECTRUM BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 453220 - Gift, Novelty, and Souvenir Stores Loan Approval Date 8/13/2007 Loan Approval Gross Amount $188,400 Loan Approval from the SBA Of the total $188,400 loan amount, the SBA guaranteed $141,300. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy an Edible Arrangements franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 6 existing jobs. Getting an SBA Loan For Your Business If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great source of funding. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: SBA 7A Banks in Irvine, California
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